Husband and Father. Commercial Broker. Real Estate Developer. Investor. Sucker for chocolate and peanut butter. #CancerSurvivor
Bellingham, WA
Joined April 2009
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Tomorrow at 6 AM PT, Issue 1 of my free Friday newsletter goes out: the lease LOI checklist. Every point shows what the tenant wants and what the landlord wants, so you can see where deals get stuck. Subscribe: creroom.com
I handed AI an offering memorandum and let it run the underwriting. Here's what came back: youtube.com/watch?v=8dmSTDny…
Troy Muljat CCIM/CPM retweeted
Most brokers aren't short on tools. They're short on tools that talk to each other.
MGC CRM puts the pipeline, OMs, email blasts, and lease abstracts behind one login.
Built inside a working Bellingham brokerage. @muljat
How many logins does your week take?
Lease Commencement and Rent Commencement are not the same date. Tenants want rent to start after build-out. Landlords want it at delivery. That's one of the points in Friday's lease LOI checklist. Free: creroom.com
Announcing CRE Room: free tools and Troy's free Friday newsletter for commercial real estate.
Watch The Build free. Use the deal calculator, rent vs buy, 1031 dates and CREEsim, a deal game. Plus Chapter 1 of the CREE course.
Join free: creroom.com
I'm starting a free weekly newsletter on commercial real estate. No fluff. One real checklist, deal or lesson every Friday. Issue 1 (Oct 30): the lease LOI checklist that gets signed. Subscribe free: creroom.com
Troy Muljat CCIM/CPM retweeted
US Rents were down 0.9% over the last year, the 29th consecutive month with a YoY decline. Renting a home is cheaper than paying a mortgage in all 50 of the largest metros in the US.
Video: youtube.com/watch?v=iXdUaXD0…
Troy Muljat CCIM/CPM retweeted
Currently, 40% of homes do not have a mortgage. The Loan to Value data was running at 85% back in 2008; currently, it is at 46.6%.
Troy Muljat CCIM/CPM retweeted
Remember, we weren't the prices have to follow volume crowd and that prices are going to crash in 2022/2023/2024
Troy Muljat CCIM/CPM retweeted
US commercial property foreclosures hit $20.55 billion in the 2nd quarter, a 13% increase from Q1 and the highest total since 2015.
Troy Muljat CCIM/CPM retweeted
JUST IN: The US office vacancy rate hits a fresh record high of 19%, surpassing levels seen in both 2008 and 2020.
In other words, roughly 1 out of every 5 offices in the US is currently vacant.
~$1.7 trillion of commercial real estate debt is projected to mature from 2024 to 2026.
This means that ~30% of outstanding commercial real estate debt will need to be refinanced at much higher rates.
All while 70% of these loans are held by small banks that remain under pressure from the regional bank crisis.
CRE is beyond bear market territory.
Troy Muljat CCIM/CPM retweeted
How are home prices relative to what a typical person can afford? Our index for Whatcom County is now at 54.9, which is the lowest on record. the median home price is just under $600k and a typical household in Whatcom County can afford $330k.
Troy Muljat CCIM/CPM retweeted
BREAKING: The cost of buying a home in the US rises to $2,750/month, the second highest ever recorded, according to Reventure.
Prior to the pandemic in 2022, the average home in the US would cost $1,400/month.
In other words, it is now 100% MORE expensive to buy a home in 2024 compared to 2020.
Even at the peak of the 2008 Financial Crisis, the average home payment peaked at $1,550/month.
The average US family would need to spend 44% of their PRE-TAX income to buy a home today.
What do new homebuyers do now?
Troy Muljat CCIM/CPM retweeted
Active housing inventory shift in America's 50 largest metro area housing markets
That 5-year change column is the most important, IMO
ResiClub PRO members just got my latest inventory analysis, plus data for +800 metros and +3,000 counties: resiclubanalytics.com/p/deci…
Troy Muljat CCIM/CPM retweeted
If you watch the NEWS, you may think we're headed for Civil War and the world is in Bad Shape.
That's Bullsh!t
And, here's 10 Charts to Prove it:
1. Child Survival is Up
Troy Muljat CCIM/CPM retweeted
Well this is unusual.
This is Jared Bernstein, the Chair of the Council of Economic Advisers, the main agency advising Biden on economic policy, from the documentary: Finding the Money.
He seems unable to communicate how the US monetary system works, despite being an advisor on it to the president.
Troy Muljat CCIM/CPM retweeted
The cost to buy a house in America in 2024 is over $2,750/month on average.
That's the most expensive homebuyer cost of all-time.
In comparison to other time periods:
$2,754/mo - Today
$1,418/mo - 2020 Pre-Pandemic
$1,577/mo - 2006 Bubble
$1,060/mo - Dotcom Bubble
$922/mo - 18% Mtg Rates in 1981
This monthly cost is inclusive of mortgage, taxes, & insurance. Assumes 13% Downpayment.
Troy Muljat CCIM/CPM retweeted
If you are wondering about construction at Easton and 11th in Bellingham that just commenced, they are building a residential fourplex on the property.
